Ovintiv (NYSE:OVV) Stock Price Expected to Rise, Barclays Analyst Says

Ovintiv (NYSE:OVV) had its price target increased by Barclays from $53.00 to $57.00 in a research report sent to investors on Friday morning,Benzinga reports. They currently have an overweight rating on the stock.

A number of other research firms also recently weighed in on OVV. Citigroup dropped their target price on Ovintiv from $58.00 to $55.00 and set a “buy” rating for the company in a research report on Monday, October 7th. Wolfe Research assumed coverage on Ovintiv in a report on Thursday, July 18th. They set an “outperform” rating and a $65.00 price objective for the company. Truist Financial reduced their target price on shares of Ovintiv from $62.00 to $47.00 and set a “buy” rating on the stock in a research note on Monday, September 30th. Morgan Stanley lowered their price target on shares of Ovintiv from $53.00 to $51.00 and set an “equal weight” rating for the company in a research report on Monday, September 16th. Finally, UBS Group cut their price objective on shares of Ovintiv from $61.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Five analysts have rated the stock with a hold rating, twelve have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat, Ovintiv presently has a consensus rating of “Moderate Buy” and an average target price of $57.00.

Ovintiv Price Performance

Shares of Ovintiv stock traded down $0.93 during midday trading on Friday, reaching $43.79. The company had a trading volume of 3,799,665 shares, compared to its average volume of 3,084,034. The company has a current ratio of 0.52, a quick ratio of 0.52 and a debt-to-equity ratio of 0.46. The stock has a fifty day simple moving average of $40.71 and a 200 day simple moving average of $44.50. Ovintiv has a 1-year low of $36.90 and a 1-year high of $55.95. The company has a market capitalization of $11.40 billion, a price-to-earnings ratio of 5.81, a price-to-earnings-growth ratio of 7.64 and a beta of 2.62.

Ovintiv Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, December 31st. Stockholders of record on Friday, December 13th will be issued a dividend of $0.30 per share. This represents a $1.20 annualized dividend and a dividend yield of 2.74%. The ex-dividend date of this dividend is Friday, December 13th. Ovintiv’s dividend payout ratio (DPR) is presently 15.92%.

Institutional Trading of Ovintiv

A number of large investors have recently bought and sold shares of the business. True Wealth Design LLC increased its holdings in Ovintiv by 3,180.0% during the 3rd quarter. True Wealth Design LLC now owns 656 shares of the company’s stock worth $25,000 after purchasing an additional 636 shares in the last quarter. Innealta Capital LLC acquired a new stake in Ovintiv in the 2nd quarter valued at approximately $39,000. UMB Bank n.a. lifted its stake in Ovintiv by 27.7% in the 3rd quarter. UMB Bank n.a. now owns 1,317 shares of the company’s stock valued at $50,000 after acquiring an additional 286 shares in the last quarter. International Assets Investment Management LLC acquired a new position in Ovintiv during the 2nd quarter worth approximately $69,000. Finally, Covestor Ltd boosted its position in Ovintiv by 23.1% during the 1st quarter. Covestor Ltd now owns 1,559 shares of the company’s stock worth $81,000 after acquiring an additional 293 shares during the last quarter. 83.81% of the stock is owned by institutional investors.

About Ovintiv

Ovintiv Inc, together with its subsidiaries, explores, develops, produces, and markets natural gas, oil, and natural gas liquids in the United States and Canada. The company operates through USA Operations, Canadian Operations, and Market Optimization segments. Its principal assets include Permian in west Texas and Anadarko in west-central Oklahoma; and Montney in northeast British Columbia and northwest Alberta.